REAL ESTATE

Media Markt leases 6,400 sq m in Amsterdam Boven 't Y

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March 15, 2007, ING Real Estate, Development, The Netherlands

ING Real Estate is pleased to announce that Media Markt has signed a lease for approximately 6,400 sq m in the Boven 't Y shopping centre in North Amsterdam, which is currently being redeveloped and extended by ING Real Estate Development.

The new Media Markt shop, the second in Amsterdam, is scheduled to open in early 2009. The signing of the lease contract between Media Markt and ING Real Estate Development marks another major step forward in the development of Centrum Amsterdam Noord (CAN).
 
Media Markt has leased retail space on the ground and first floors of a new building being constructed on the site of a former local government office building in the Boven 't Y shopping centre in North Amsterdam. The new, two-level, mixed-use building consists of 8,600 sq m of retail space containing large and small retail units, restaurants and bars as well as service outlets, 40 council apartments and a multi-storey public car park offering around 800 parking spaces. Construction of the complex is expected to start in mid-2007, with completion scheduled for early 2009.
 
The redevelopment of the Boven 't Y shopping centre forms part of the CAN scheme to create a prestige city centre in North Amsterdam, on the north bank of the Y River. The scheme aims to provide an attractive and comfortable environment in which to live, work and go shopping. CAN consists of three development areas: Boven 't Y shopping centre, the area surrounding the station of the new North-South underground line with offices and apartments and the Elzenhagen residential area that will contain a mix of terrace and semi-detached houses and apartment buildings. More information can be found on www.centrumamsterdamnoord.nl